by Henry Liu on March 2, 2010
10:00am NY Time US ISM Non-Manufacturing PMI Forecast 51.0 Previous 50.5
ACTION: BUY 53.5 SELL 48.5 USD/JPY
We’ll focusing on the ISM Non-Manufacturing PMI today, or better known as the U.S. Services PMI, and as all Purchasing Manager’s Indexes, it is a leading indicator of the nation’s Services sector, as many investors look at this release for immediate directional preferences on the future of the economy. With the current analyst’s expectation above the 50 level at 51.0, in the event that 53.5 is reached, we could see some USD strength and JPY weakness; however, if the opposite is true, or 48.5 figure is released, expect to see stronger JPY and possibly risk aversion driven market.
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by Henry Liu on March 2, 2010
8:15am NY Time US ADP NFP Change Forecast -15K Previous -22K
ACTION: USD/JPY BUY +55K SELL -85K
We’ll be looking for a trading opportunity on the ADP NFP Employment Release today, and because ADP is the largest private payroll processing provider in the U.S., traders tend to pay more focus to this release. ADP releases its version of Non-Farm Payroll numbers about 2 days before the actual NFP based on it’s proprietary data.
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by Henry Liu on March 2, 2010
4:30am (NY Time) UK Services PMI Forecast 55.0 Previous 54.5
ACTION: GBP/USD BUY 57.0 SELL 53.0
We’ll be trading the Services PMI figure today out of UK and our minimum deviation is 2.0 from the forecast release figure. If we get at least 57.0 or better, we could see some demand in the GBP and we will consider BUYING GBP/USD or GBP/JPY pairs. If we get a 53.0 or worse release, GBP could weaken and we should look to SELL GBP/USD or GBP/JPY pairs.
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